The Central Bank of Nigeria has warned members of the public, businesses and other stakeholders against rejecting the standard ₦100 banknote, insisting that both the standard and commemorative ₦100 notes remain legal tender across the country.
The apex bank gave the warning in a statement issued by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, following reports that some members of the public and commercial entities were rejecting the standard ₦100 note.
According to the CBN, the rejection appears to have been caused by misconceptions about the legal tender status of the banknote.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative ₦100 banknote and the standard ₦100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” the statement read.
The bank clarified that the commemorative ₦100 banknote, which was introduced to mark Nigeria’s centenary celebration, did not replace the existing standard ₦100 banknote.
It warned that rejecting the standard ₦100 note amounts to a violation of the provisions of the CBN Act and could undermine public confidence in the national currency.
“The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The CBN reaffirmed its commitment to protecting the integrity of the Naira and ensuring the smooth circulation of all duly issued banknotes nationwide.
It urged Nigerians to accept and transact freely with all banknotes legally issued by the Central Bank of Nigeria.
The apex bank also advised members of the public seeking further clarification to contact it through its official communication channels.